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George Osborne to open UK treasury books

In a move which is as controversial as it is significant for UK taxpayers, George Osborne has today announced plans to open up the UK treasury's books. In simple terms, around 1 million different spending items and spending programs will be details for public viewing via a user-friendly system which will be available to all.

Previously the treasury has been dead set against announcing details of spending plans and spending programs but George Osborne believes that opening up the treasury books will allow businesses and taxpayers to become more involved in future spending programs. Historically there has been much smoke and mirrors associated with the UK's finances and indeed it was only when David Cameron and his new government took office that they realised, allegedly, that the situation was worse than had been previously suggested.

This comes on the day that George Osborne flexed his muscles as Chancellor of the Exchequer for the first time issuing details of £6.2 billion of cuts for the tax year 2010/11 in the UK public-sector budget. He believes that the UK will become a leading light with regards to fiscal responsibility across Europe, something which the European Union is currently encouraging all members to consider.

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